Lagos Family and Wema Bank in Dispute Regarding Property Usage


The Bolade family in Lagos has confronted Wema Bank Plc regarding the ongoing use of their property, known as Bolade House, situated on Oshodi Expressway, Oshodi/Isolo Local Government Area.

This dispute arises from a contract breakdown.

The family issued an eviction notice to the bank, but the bank’s management has reportedly declined to vacate the premises.

According to documents we obtained, the family initially leased the property to Wema Bank in 1995 for a 25-year term, which concluded on April 30, 2020.

After the lease ended, the bank requested additional time to relocate, resulting in a three-year tenancy from May 1, 2020, to April 30, 2023, at an annual rate of N6 million.

However, when this arrangement ended, the family’s attorney and the bank entered into new negotiations, proposing a five-year tenancy at a rent of N8 million per annum.

The family rejected this offer, believing the property’s value exceeded the bank’s proposed rent.

Madam Helen Kupoluyi, the family’s head, explained that they could not accept the offer because a property appraiser hired by the family valued the property at over N50 million.

Kupoluyi stated, “When the bank leased the middle floor and collected rent without our consent, we did not complain.

We suggested they use their property valuation to determine a fair rent, but they refused.

We initiated legal action, but they did not respond. We want them to vacate our property.”

The family’s lawyer, Abraham Adeoye, added, “We sent a letter to Wema Bank, suggesting a halt in negotiations until a property valuation is conducted, but they refused.

They insisted on the N8 million previously agreed upon with solicitors, even though no agreement had been signed. We proposed a joint valuation by both parties, but they declined.

We have not signed any lease agreement with Wema Bank, and they have occupied the property rent-free since April 30, 2023.”

In response, Wema Bank’s spokesperson, Mrs. Mabel Adeteye, contested the family’s claims, stating that the information provided by the family was inaccurate.

She mentioned that there had been an agreement on the renewal amount, and they were waiting for the family to provide a bank account for payment. She also suggested waiting for the court to mediate the dispute and formalize the demands.


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